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September 18, 2018 

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OPEN SHOP: An employment arrangement in which workers of a firm are free to join or not join a union because employment is unrelated to union membership. Because an open shop tends to limit the proportion of a firm's employees represented, this can significantly dilute a labor union's market control. Open shops are established in states that have right-to-work laws.

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CONTRACTIONARY FISCAL POLICY: A form of stabilization policy consisting of a decrease in government spending and/or an increase in taxes. This policy is designed to avoid or correct the problems associated with a business-cycle expansion that gets out of hand and causes inflation.

     See also | stabilization policies | business cycle | fiscal policy | expansion | inflation | government purchases | taxes | transfer payments |


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CONTRACTIONARY FISCAL POLICY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 18, 2018].


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SERVICE

Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Like the related term good, a service is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produce the services that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.

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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for slightly overweight pizza delivery guys.
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More money is spent on gardening than on any other hobby.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

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